Ganesh has made investments into ecommerce companies like BlueStone and BigBasket earlier. But Overcart’s business model is quite different from what we have seen in Indian e-commerce so far. The clever part is where it sources its merchandise from.
Overcart is a combination of Overstock in the US and Alibaba. The company helps other e-commerce companies manage their customer returns sell their unsold stock to end consumers.
Alex Souter, the Managing Director of Overcart said
With the marquee investors we have now have on board, Overcart is ideally positioned to scale in step with India’s e-commerce sector. The consolidation we are seeing in the e-commerce industry fits right into our business model.
K Ganesh will join the Board and Jonathan Bill (also an investor) will be a strategic advisor. GSF, the accelerator founded by Rajesh Sawhney, is also following on with its investment in Overcart. Dinesh Aggarwal (IndiaMart Founder & CEO), Aloke Bajpai (iXigo Founder & CEO), Rishab Malik, and Tara Bhargava from GSF also participated in the round.
Overcart was earlier Bootstrapp, a direct to consumer re-commerce company by Alex Souter and Saptarshi Nath, two colleagues from the consulting firm CEB.